By Robert Donachie, DCNF
The Dow Jones Industrial Average, S&P 500 and NASDAQ indexes have closed at record-setting highs 130 times and made some $4 trillion in gains since President Donald Trump defeated former Secretary of State Hillary Clinton in 2016.
In 2017 alone, the three major U.S. indexes notched record closings on 93 occasions.
Off the heels of Trump’s first address to Congress in late February, the Dow breached 21,000 for the first time in its history. The index broke 19,000 for the first time Nov. 22, and also marked the beginning of a market rally that continues today. It took just 13 trading days for the Dow to break 19,000. The Dow ticked above 20,000 35 trading days ago, which also marked the second-fastest surge to a new 1,000 point milestone.
Prior to the November jump, the Dow hadn’t experienced a 1,000-point rally since 1999, when it went from 10,000 to 11,000 in just over 24 trading sessions. This rally was also the single fastest 1,000-point jump in the Dow’s history.
Not too far behind is the NASDAQ, as the index has set records 41 times in 2017 and 49 times since Trump defeated Clinton, LPL Financials reports. Also in the mix is the S&P 500, which has closed in record territory some 27 times in 2017 and 39 occasions since the November election.
Analysts believed the market had firm expectations leading into Trump’s presidency that he would quickly usher in tax and regulatory reform, which have largely yet to play out, aside from a few executive orders regarding deregulation. Despite a few botched attempts to repeal and replace Obamacare and allegations regarding Russian interference in the 2016 election cycle, the market continues to post record-setting gains on a near weekly basis.
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